The Great Eastern GREAT Invest Advantage is an investment-focused investment-linked plan that lets you tailor your investments to your needs and goals.
With the option to invest with a single or recurring premium, you can access a diverse range of professionally managed funds that lets you create a unique portfolio.
In this article, we have provided a comprehensive review of GREAT Invest Advantage to help you decide if it’s the investment-linked plan for you.
Read on to find out more.
Firstly, see how the GREAT Invest Advantage compares to other investment-linked policy plans in Singapore:
My Review of the GREAT Invest Advantage
The GREAT Invest Advantage is a simple solution for anyone who wants to invest their hard-earned money.
But what sets this ILP apart from the rest?
For one, it has a 110% death and terminal illness benefit. That extra 10% can be a significant amount, giving you greater peace of mind.
No fees are imposed on fund switching or partial or full surrenders.
The plan also offers various premium payment options, so you can choose one that suits your budget and lifestyle.
If you’re more conservative, you can always consider investing $100 monthly instead of $5,000 in one sitting.
Also, there are no surrender charges and minimum investment periods, which is much better than the Great Wealth Advantage, which is promoted more often.
You have to decide if 2.5% p.a. of your account value would be cheaper than 3% premium charges in the long term (the latter usually is).
Speaking of premium charges, investments made via CPF will eliminate this fee completely.
Truth be told, it’s one of the better ILPs out there. Nevertheless, it’s worthwhile to make an objective comparison against what’s currently available in the market.
Contemplating whether the GREAT Invest Advantage is the right move for your financial future is a decision that depends on a variety of factors, so it’s best that you get a second opinion as to whether this policy is for you.
As you are investing for your future, it’s best to find an ILP that offers flexibility, a good selection of funds, and the lowest possible fees available.
This way, you’ll find a balance between fees and returns, while having the flexibility to tailor it to your financial goals.
Start by reading our post on the best ILPs in Singapore.
If you want to get a second opinion or compare the GREAT Invest Advantage with other ILPs in the market, we partner with unbiased MAS-licensed financial advisors to help you with this.
Click here for a free second opinion.
Now let’s explore what the Great Eastern GREAT Invest Advantage offers in detail:
Criteria
Minimum Monthly Premium Payment | S$100 |
Minimum Single Premium | S$5,000 |
General Features
Premium Payments
This plan allows you to make regular or single payments. You can invest with either:
- SRS
- Cash,
- CPF Ordinary Account
- CPF Special Account
The following table shows the frequency of premium payments and minimum limits.
Frequency | Minimum Limit |
Monthly | $100 |
Quarterly | $300 |
Semi-annually | $600 |
Annually | $1,200 |
Single Premium Top-Ups
In this plan, you can increase or reduce your single recurrent premium at any time while the policy is still running.
You can make the most of your policy by making single premium top-ups at any point after the start of your coverage.
However, you must add at least S$1,000 and spread it out between selected funds with a value of at least $200 for every fund.
Furthermore, you can increase or reduce your single recurrent premium at any time while the policy is still running.
Protection
Death Benefit
In the event of the unfortunate passing of the life assured, the policy will pay the death benefit in one lump sum.
Usually, this payment is calculated by summing up 110% of the recurrent premiums paid and 110% of premium top-ups, then subtracting partial surrenders made (if any).
Alternatively, the policy can pay the account value, whichever is higher.
It’s important to note that any debt under the policy will be deducted from this payment, and the death benefit subsequently terminates.
Terminal Illness Benefit
The GREAT Invest Advantage will pay the death benefit as one lump sum payment upon diagnosis of a terminal illness.
The terminal illness must be expected to result in the life assured’s death within 12 months from the diagnosis.
Subsequently, the death benefit ends.
Key Features
Changing Premium Apportionment Rates
The GREAT Invest Advantage allows you to adjust your premium apportionment and distribute units among available funds without incurring any costs.
After Great Eastern approves your adjustment, all future single premium top-ups allocated to the fund(s) will follow the new premium apportionment.
Fund Switching
With this policy, you can request a change in units from one fund to another at any point during your coverage.
However, a few conditions apply for you to make a successful change where:
- The value of the units to be cancelled must be >$500
- The value of the remaining units in the fund you wish to switch out from must be >$500 after
The account value of your policy must also be positive.
Partial surrender
You have the option to make a partial surrender of some of the units in your funds or to state the specific amount you wish to withdraw.
The minimum amount to make a partial surrender is $500, and the amount in the fund you’ve cancelled from must have at least $500.
Note that the same conditions for fund switching apply in the case of a partial surrender too.
If you previously used funds from your CPF Investment Scheme (CPFIS) account to buy this plan, the surrendered amount will be returned to your CPFIS account.
Similarly, if you’ve used funds from your Supplementary Retirement Scheme (SRS) account, the amount you’ve surrendered will be returned to your SRS account.
Full surrender
You can surrender the policy for its account value anytime you please, where you will be paid an amount equivalent to the value of cancelled units.
If you previously used funds from your CPF Investment Scheme (CPFIS) account to buy this plan, the fully surrendered amount will be returned to your CPFIS account.
Similarly, if you’ve used funds from your Supplementary Retirement Scheme (SRS) account, the amount you’ve fully surrendered will be returned to your SRS account.
GREAT Invest Advantage Top 10 Performing Funds
The GREAT Invest Advantage invests in unit trusts via its insurer sub-fund, which may carry additional fees.
Fund Name | 5-Year Annualised Performance (%) |
GreatLink Global Technology | 8.66 |
GreatLink Sustainable Global Thematic Fund | 7.74 |
GreatLink Global Equity Alpha | 7.47 |
GreatLink Global Perspective | 7.11 |
GreatLink Lion Japan Growth | 6.73 |
GreatLink Global Equity | 4.52 |
GreatLink Lion India | 4.45 |
GreatLink LifeStyle Dynamic Portfolio | 3.44 |
GreatLink LifeStyle Progressive Portfolio | 2.83 |
GreatLink China Growth | 2.08 |
Accurate as of May 2023.
GREAT Invest Advantage Fees and Charges
Premium Charge
The policy imposes a premium charge for single premium tops and recurrent single premiums, depending on your premium payment method.
Here is a table detailing the respective premium charges for each premium payment method.
Premium Payment Method | Premium Charge |
Cash | 3% |
SRS | 3% |
CPF | No premium charge |
So let’s say you’re paying a single premium of $10,000 by cash; your premium charge will therefore be $10,000 x 3% = $300.
Fund Switching Fee
Currently, the plan has no switching fee if you wish to switch funds.
However, they may impose a switching fee by giving a month’s notice.
Partial and Full Surrender Charge
At present, these fees are waived.
Fund Management Fees
At a quick glance, you will incur a fund management fee between 1% to 1.60% per annum, but it can go up to 3.25%.
GREAT Invest Advantage Summary
Cash and Cash Withdrawal Benefits | |
Cash Value | Yes |
Cash Withdrawal | Yes – via partial surrenders |
Health and Insurance Coverage | |
Death | Yes |
Total Permanent Disability | No |
Terminal Illness | Yes |
Critical Illness | No |
Early Critical Illness | No |
Health and Insurance Coverage Multiplier | |
Death | No |
Total Permanent Disability | No |
Terminal Illness | No |
Critical Illness | No |
Early Critical Illness | No |
Optional Add-on Riders | No |
Additional Features and Benefits | No |